Unsurprisingly, stocks eked out gains by days end, with all major U.S. indices closing at all-time highs. The Nasdaq closed today higher by 0.41% (23.68 pts) to 5838.58, the Dow Jones Industrial Average closed higher by 0.02% (4.28 pts) to 20,624, and the S&P 500 closed higher by 0.17% (3.94 pts) to 2351.16.
As stocks extended their impressive post-election rally, the Nasdaq Composite rose 1.8% this week, and is now up 4% this month, and 8.46% so far this year.
Today's lone economic data point was January's Leading Indicator readout, which came in just ahead of the Briefing.com consensus (0.6% vs. $0.5%).
The S&P Technology sector traded generally in-line with the other industries, rising 0.25%. Telecoms were the best performer, gaining 0.9%, while energy was the biggest laggard, dropping 0.53%.
Inside the S&P IT sector, Skyworks (SWKS 96.35, +3.92) was the biggest advancer, climbing 4.2% to fresh 18-month highs. Conversely, Akamai Tech (AKAM 62.34, -1.90), was the biggest decliner, slipping 3%.
Looking at the broader technology sector, Arista Networks (ANET 119.06, +18.89) surged nearly 19% to fresh all-time highs after reporting strong quarterly results and offering upside first quarter projections. On the contrary, Monotype Imaging (TYPE 21.40, -2.20) closed lower by 9.3% after reporting light fourth quarter results and providing a light first quarter and 2017 outlook.
Notable Earnings Among Sector Components:
- Arista Networks (ANET 119.06, +18.89) beat by $0.22, beat on revs; guided Q1 revs above consensus
- Cognex (CGNX 76.44, +5.99) beat by $0.13, beat on revs; guided Q1 revs above consensus
- Cohu (COHU 15.72, +2.08) beat by $0.15, beat on revs; guided Q1 revs above consensus
- Five9 (FIVN 16.58, -0.28) beat by $0.02, beat on revs; guided Q1 EPS in-line, revs in-line; guided FY17 EPS in-line, revs above consensus
- Impinj (PI 31.17, -4.19) beat by $0.02, beat on revs; guided Q1 EPS below consensus, revs above consensus
- Monotype Imaging (TYPE 21.40, -2.20) missed by $0.07, missed on revs; guided Q1 EPS below consensus, revs below consensus; guided FY17 EPS below consensus, revs in-line
- The Trade Desk (TTD 32.41, -0.95) beat by $0.10, beat on revs; guided Q1 revs above consensus; guided FY17 revs above consensus
- TrueCar (TRUE 14.38, +1.13) beat by $0.04, beat on revs; guided Q1, FY17 revs above consensus
- Veeco Instruments (VECO) beat by $0.02, reported revs in-line; guided Q1 EPS in-line, revs in-line
- WebMD Health (WBMD 51.16, -0.35) beat by $0.06, reported revs in-line; guided Q1 revs below consensus; guided FY17 EPS in-line, revs below consensus; announced exploration of strategic alternatives
Notable News Among Sector Components
- Cree (CREE 26.49, +0.28) announced it would terminate the definitive agreement to sell its Wolfspeed Power and RF division to Infineon Technologies AG (IFNNY)
- The Trade Desk (TTD 32.41, -0.95) filed for $125 mln offering of Class A Common Stock on behalf of selling stockholders
Notable Analyst Actions Among Sector Components
- GrubHub (GRUB 37.60, +0.54) resumed with a Overweight at Pacific Crest; tgt $45
- Square (SQ 14.47, +0.58) initiated with a Buy at Citigroup; tgt $20
- Workday (WDAY 88.43, +2.93) upgraded to Overweight from Neutral at Piper Jaffray